Life Insurance Disclosure Model Regulation - 580 - NAIC

  • 1980-2, NAIC Proceedings (p683) - Re: Report on Evaluation of NAIC Model Life Insurance Solicitation Regulation
    • To:  Jon S. Hanson, From:  Carolyn Cobb, Date:  November14, 1979
    • You requested that I prepare a report which would assist the Task Force in evaluating
      the NAIC model cost disclosure regulation. I am enclosing my report.
  • 1981-1, NAIC Proceedings - INTERIM REPORT OF THE NAIC TASK FORCE ON LIFE INSURANCE DISCLOSURE SYSTEM, (December 3, 1980)
    [Editor's Note-The December 3 interim LIDS report is substantially similar to the October 30 LIDS report.]

A new exposure draft of a revised model regulation has been prepared by the staff of the American Council of Life Insurance <ACLI>.

The following are among the principal features incorporated in the revised draft:

  • 1. The introduction of the concept of a nonguaranteed element to measure the extent to which policy costs can be affected by premiums, benefits, or other items that are subject to change by the company without the consent of the policyholder.
  • 2. A special plans section to accommodate the unique features of nontraditional plans such as universal life insurance.

1982-2, NAIC Proc.

Chronological Summary of Actions (all references are to the Proceedings of the NAIC).
1976 Proc. I 7, 10-11, 381, 521, 523-527 (adopted).
1976 Proc. II 15, 17, 397, 542, 545-552 (reprinted with technical amendments and Buyer’s Guide).
1978 Proc. I 13, 15, 348, 472 (corrected).
1984 Proc. I 6, 31, 375, 496, 497-510 (amended and named changed from Life Insurance Solicitation to Life Insurance Disclosure Model Regulation).
1988 Proc. I 9, 19-20, 599-600, 625-626 (amended).
1988 Proc. II 5, 12, 478, 490, 503-510 (amended, regulation reprinted).
1989 Proc. II 13, 23, 414-415, 419-422, 428-429, 430-442 (amended).
1990 Proc. I 6, 27, 438-439, 450-451, 453-463 (amended).
1991 Proc. I 9, 17, 540, 549-557, 558-559 (amended, regulation reprinted, Appendix E adopted).
1992 Proc. I 86, 94, 860, 868, 869-878 (amended and regulation reprinted).
1993 Proc. I 8, 136, 795-800 (amended).
1996 Proc. 3rd Quarter 9, 40, 907, 918, 931-936 (amended Buyer’s Guide).
2000 Proc. 2nd Quarter 21, 22, 67, 99, 101-125 (amended and reprinted).
2000 Proc. 4th Quarter 16, 17, 105, 167-170 (Buyer’s Guide amended).
2018 Proc. 3rd Quarter (Buyer’s Guide removed).

The following have all been superseded by the model regulation above.)
a. Deceptive Practices in Life Insurance Model Regulation:
1973 Proc. II 18, 21, 471, 532-533, 541-543 (adopted).
1974 Proc. I 12, 14, 405, 440, 442-443 (amended).
b. Life Insurance Cost Comparison (Interest Adjusted Index) Model Regulation:
1973 Proc. II 18, 21, 471, 532-533, 538-540 (adopted).
1974 Proc. I 12, 14, 405, 440, 442 (corrected).

2018 - NAIC Life Insurance Disclosure Model - 580-5